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Started By
Message
Tax Loophole Can Save $25K Off New Tesla Model X
Posted on 10/13/15 at 12:13 pm
Posted on 10/13/15 at 12:13 pm
quote:
PALO ALTO (CBS SF) — If the falcon wing doors don’t pull them in, now there’s a hefty tax incentive for environmentally-minded SUV buyers considering Teslas’s $100,000 Model X. The exotic SUV qualifies for a $25,000 federal deduction.
The loophole, known as section 179 of the Internal Revenue Service code, was originally intended to help farm and business owners purchase heavy equipment. Only passenger vehicles weighing over 6,000 pounds can qualify.
Small-business owners could use the section 179 deduction for up to $25,000 off the purchase price of a Model X. The luxury seven-seater also qualifies for a $7,500 federal tax credit, and a $2500 California rebate for buyers of battery-electric vehicles.
A windfall of $35,000 in tax and government rebates could be just the incentive for some buyers, and industry analysts expect it to be a boon for the Palo-Alto based company.
Folks use this same tax loophole to buy Hummers
9
Posted on 10/13/15 at 12:15 pm to Street Hawk
what a time to be alive
Posted on 10/13/15 at 12:16 pm to Street Hawk
Little Susie's on the up!
Posted on 10/13/15 at 12:18 pm to Street Hawk
Section 179 is accelerated depreciation dumbass
Posted on 10/13/15 at 12:18 pm to Street Hawk
quote:
The loophole, known as section 179 of the Internal Revenue Service code, was originally intended to help farm and business owners purchase heavy equipment. Only passenger vehicles weighing over 6,000 pounds can qualify.
good God! And we wonder why the tax code is so fricked up.
Posted on 10/13/15 at 12:19 pm to Street Hawk
Thanks Obama
Posted on 10/13/15 at 12:28 pm to yellowfin
quote:
Section 179 is accelerated depreciation dumbass
Why is he a dumbass for taking the depreciation up front? I've done it and in certain cases I've deferred it. Depends on everyone's circumstances.
Posted on 10/13/15 at 12:33 pm to Martini
Because accelerated depreciation is not what this article is about...
Posted on 10/13/15 at 12:34 pm to Street Hawk
quote:
A windfall of $35,000 in tax and government rebates could be just the incentive for some buyers, and industry analysts expect it to be a boon for the Palo-Alto based company.
and 5 years from now when you replace the battery it'll cost you another 20k.
Posted on 10/13/15 at 12:34 pm to Martini
quote:
Why is he a dumbass for taking the depreciation up front?
Did I say that?
Posted on 10/13/15 at 12:35 pm to Street Hawk
quote:
Folks use this same tax loophole to buy Hummers
Finally a reason for why I see so many businesses with Ad-wrapped Hummers sitting in front of them.
Posted on 10/13/15 at 12:42 pm to Street Hawk
quote:
The loophole, known as section 179
Not a loophole
Posted on 10/13/15 at 12:44 pm to yellowfin
oh you all of a sudden a CPA now right?
wink wink
wink wink
Posted on 10/13/15 at 12:44 pm to Street Hawk
Sec 179 isn't really a loophole...and it's been around for a while now. Nothing new.
That being said, there is a pretty large credit available to Tesla owners in Louisiana.
That being said, there is a pretty large credit available to Tesla owners in Louisiana.
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